WTI Crude tested the 100 day moving average at 9925 but unexpectedly spiked below 9890 before a quick recovery. Today's outlook has turned more
WTI Crude June contract Daily Forecast - 02 May 2014WTI Crude tested the 100 day moving average at 9925 but unexpectedly spiked below 9890 before a quick recovery. Today’s outlook has turned more positive & a recovery does look likely. Yesterday’s high of 9989 is our first target then Fibonacci resistance at 100.20. We should struggle here & a high for the day is possible but if prices continue higher look for 100.55 & then strong resistance at 101.10/20 for a selling opportunity.
Bear in mind bulls need a weekly close tonight above the 100 day moving average at at 9925. Yesterday’s low & April’s low of 9886/74 is important. A break lower signals further downside pressure to follow with a target of 9825/20 for a buying opportunity.
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